Starbucks Launches Premium NFT Collection to Celebrate Siren's Iconic Journey
Starbucks introduced its first premium NFT collection last Thursday. Early adopters of Starbucks' "Odyssey" rewards program could mint "The Siren Collection," an NFT set of 2,000 stamps initially priced at $100, with the floor price of the collection currently trading at $540.
Starbucks, the well-known coffee company, is venturing into the world of Web3 by launching its Starbucks Odyssey rewards program on the Ethereum sidechain network Polygon. The program is currently only available in beta and is limited to a select number of users.
The company launched the Siren Collection to celebrate the journey of the Starbucks logo from its humble beginnings in Seattle, Washington to its status as a global icon. The collection features five distinct versions of the logo, each representing a different Siren expression. Despite encountering some issues during the launch, the drop sold out within 18 minutes.
“As Starbucks has grown over the years, the Siren has been right there with us, adapting and evolving to reflect the brand and the culture,” Starbucks said in a statement. The 2,000 pieces will collectively be based on five different Siren “expressions” that follow her “journey from local Seattle celebrity to revered global icon.”
Starbucks has released its first-ever paid NFT collection, following the success of its free holiday stamp drop. Some analysts predict that the Odyssey NFT collection will fetch higher prices in the future, as evidenced by its current floor price of $1,796.
Starbucks hopes that the popularity of its rewards program, which includes the Odyssey program, will encourage the widespread adoption of NFTs. The Odyssey NFTs come with real-life rewards such as coffee-making lessons and even a visit to the company's coffee farm in Costa Rica. While many companies have simply released NFT drops, Starbucks is among the few that have integrated NFTs into their rewards program.
At the end of 2022, the NFT market, along with the entire cryptocurrency sector, started experiencing a significant decline. But, it is worth noting that there are currently signs of improvement, with NFT sales surpassing $2 billion in February 2023. This is the highest monthly total since the market crash in May 2022, indicating a resurgence in the demand for NFTs.